Complex Event Processing (CEP) technologies enable firms to discover trends by analyzing large volumes of data, also known as events, such as major trade flows. Enterprise-wide architectures that are event-driven or service-oriented can then be built to react and take advantage of the identified trends.
CEP-based reviews can spot patterns and decipher the impacts of event trends. Each event generates information, known as an event record or event message, which is kept and sorted by a CEP system in order to generate relevant sets of data. In addition, data can be combined from multiple sources to produce a summary view.
The most common way to connect events with CEP applications and systems is through a method called publish/subscribe (pub/sub). In this process, the event data publishes its data, to which the CEP application is the subscriber. The subscriber interprets and processes the published information and links data to the CEP platform. All information is transmitted using a messaging infrastructure or software.
The CEP employs predefined rules to process and sort information. These rules are generally used to look out for specific events that might indicate an area of concern or opportunity for a company. Once the data is processed, a firm has the ability to analyze a series of events in context, also known as an event stream, in order to observe patterns. In this sense, CEP systems are used for information detection as they monitor incoming events.
The CEP sorts and manages massive amounts of incoming data, also called Big Data, using a continuous query—constantly analyzing events and producing data sets. Data is updated and sorted in real-time, allowing firms to respond immediately to opportunities or threats.
For example, The National Security Agency (NSA) of the U.S. federal government uses CEP technology to analyze information and uncover patterns. Anti-terrorist CEP systems spot correlated events by sifting through billions of messages in order to find a pattern or recurring message that could potentially indicate a terrorist threat.
A CEP system can also show a tally of all events matching a certain criteria. CEP’s also serve as a form of data collection, as the data produced by the CEP can be can be stored and referenced at a later date. Summary data is also useful for observing statistics in trends, thus allowing you to assess the current state of a business.